Miamians priced out of homeownership are not likely to find much relief on the rental market, as rents in Miami are the ninth-most expensive in the country, according to a new study by apartment searching website Zumper.
In ranking the median price of a one-bedroom apartment in May, Miami was found to have the ninth-highest monthly price. It’s the second straight month that the city has been ranked ninth, according to Zumper. Miami is tied for ninth with Honolulu, HI.
A one-bedroom apartment in Miami cost $1,800, which is unchanged from last month but actually represents a 4.8 percent decrease year-over-year. That price is only $50 less than eighth place Seattle, but is nearly $2,000 off first-place San Francisco. (Second place New York has a median one-bedroom apartment price of $2,910.)
Nationally, the median price for a one-bedroom is $1,169.
The median price for a two-bedroom apartment in Miami is $2,510, which is also unchanged from last month but is down 2.6 percent since this time last year, Zumper reports.
With rents remaining high in Miami, now might be a great time for renters to consider buying a home. Renters paying the median U.S. rent could afford a house that is 50 percent more expensive than the median U.S. home value, according to Zillow. That study put the average apartment rent at $2,093, which would allow those perspective buyers to afford a home up to $427,920. The median home value in the city was $299,900.
Check out the other most expensive rental markets in the country, courtesy of Zumper.